"As the big tech Goliaths run out of cash, they’ll wade more into capital markets, in most cases taking on more debt or diluting equity shareholders. None of this will be taken lightly by investors, which raises the stakes for earnings even more."

Here's what drove the boom in chipmaker stocks.

July 22 : U.S. hyperscalers are starting to show returns on their artificial intelligence investments, but the rising cost of the buildout is taking a bite out of their free cash…